BTC/USD Technical Analysis: Bitcoin Faces Downward Pressure
Bitcoin's price experienced a decline on Tuesday and Wednesday following a series of significant legal developments in the industry. The BTC/USD pair dropped to a low of $36,260, significantly below the year's peak of $38,000.
The BTC/USD pair retreated after reaching a high of $37,800 on Tuesday. On the 4-hour chart, it remains within an ascending channel represented by black lines. It is currently consolidating at the Exponential Moving Average (EMA) 50 and EMA 25.
The Relative Strength Index (RSI) has moved below 50. Upon closer inspection, it has also formed a triple-top pattern, often a sign of a price decline. The neckline of this pattern is at $34,740, the lowest point on November 14th.
Therefore, the outlook for this currency pair suggests a potential price decrease, with the next level to watch being $34,738. This perspective will be confirmed if the price moves below the lower boundary of the ascending channel. An alternative scenario is a recovery for this pair, moving above this week's high of $37,800.
The BTC/USD pair retreated after reaching a high of $37,800 on Tuesday. On the 4-hour chart, it remains within an ascending channel represented by black lines. It is currently consolidating at the Exponential Moving Average (EMA) 50 and EMA 25.
The Relative Strength Index (RSI) has moved below 50. Upon closer inspection, it has also formed a triple-top pattern, often a sign of a price decline. The neckline of this pattern is at $34,740, the lowest point on November 14th.
Therefore, the outlook for this currency pair suggests a potential price decrease, with the next level to watch being $34,738. This perspective will be confirmed if the price moves below the lower boundary of the ascending channel. An alternative scenario is a recovery for this pair, moving above this week's high of $37,800.
